One Energy Boom, Two Approaches: Fiscal Restraint Has Left Texas in Better Shape than Alberta finds that Alberta’s deficits and mounting debt are largely the result of undisciplined spending and fiscal mismanagement, not just a drop in energy prices. By comparison, Texas controlled spending during the energy boom of 2004 to 2014, and, partly as a result, ran five straight surpluses between fiscal years 2009 and 2013. Alberta, which increased spending at a greater rate than Texas, ran four deficits during that same five-year period, and has continued to run deficits in the years since, with the exception of a small surplus in 2014/2015. Further, Alberta doesn’t expect to balance the budget again until at least 2024.